Pangaea Logistics Solutions Ltd. · NASDAQ:PANL
Pangaea Logistics Solutions — Q4 2019 Earnings Presentation
11 slides from Pangaea Logistics Solutions's earnings presentation, Mar 23, 2020
Slide 1: Fourth Quarter 2019 Earnings Conference Call Presentation
FOURTH QUARTER 2019 EARNINGS CONFERENCE CALL PRESENTATION 1
Slide 2: Safe Harbor
SAFE HARBOR This presentation includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, future growth and future acquisitions. These statements are based on Pangaea’s and manage
Slide 3: Business Highlights Q4-2019
BUSINESS HIGHLIGHTS Q4‐2019 Results •Adjusted EBITDA of $13.5 million Consistent •Net loss of $4.4 million •$53.1 million cash, restricted cash and cash Performance equivalents Fleet Working Fleet •20 drybulk ships and one barge in owned and controlled fleet Operations Extensive and varied •Operatin
Slide 4: Drivers of Performance
DRIVERS OF PERFORMANCE Customer Focus:Long‐term, fixed contract employment and recurring business with new and longstanding customers Targeted Business: Specialty tonnage provides superior returns – 40% premium over average market rates in Q4 – 2019 Rate Environment: The Baltic Dry Index average inc
Slide 5: Financial Highlights
FINANCIAL HIGHLIGHTS • Pangaea's TCE rate of $15,172 for the three months ended December 31, 2019 was $4,353 or 40% over comparable market index averages. • Total revenue increased to $130.5 million for the three months ended December 31, 2019, from $101.8 million for the three months ended December
Slide 6: Selected Income Statement Data
SELECTED INCOME STATEMENT DATA (in thousands) Three months ended December 31, Twelve months ended December 31 , 2019 2018 2019 2018 (unaudited) (unaudited) (unaudited) (unaudited) Revenues: Voyage revenue $ 118,627 $ 85,774 $ 365,715 $ 319,753 Charter revenue 11,851 16,055 46,483 53,217 130,478 101,
Slide 7: Selected Balance Sheet & Cash Flow Data
SELECTED BALANCE SHEET & CASH FLOW DATA (in thousands) December 31, 2019 December 31, 2018 Current Assets Cash and cash equivalents $ 50,555 $ 53,615 Accounts receivable, net 28,309 28,482 Other current assets 48,091 31,410 Total current assets 126,955 113,506 Restricted cash 2,500 2,500 Fixed asset
Slide 8: Total Shipping Days
TOTAL SHIPPING DAYS 6,000 5,000 4,000 3,365 2,750 3,000 2,645 2,556 Days 2,537 2,220 1,904 1,742 2,000 1,000 1,820 1,886 1,575 1,620 1,638 1,703 1,731 1,718 ‐ Q1‐18 Q2‐18 Q3‐18 Q4‐18 Q1‐19 Q2‐19 Q3‐19 Q4‐19 Owned Days Charter‐in Days Capital Efficiency: Leveraged owned fleet by chartering‐in market
Slide 9: Pangaea TCE v. Average Market TCE
PANGAEA TCE v. AVERAGE MARKET TCE $18,000 16% $16,000 40% 24% $2,187 30% 32% 21% $14,000 49 $2,801 $4,353 $2,440 68% $12,000 $3,187 $3,355 $4,268 $10,000 $4,869 $8,000 $13,728 $6,000 $11,395 $11,559 $10,662 $10,373 $10,819 $4,000 $8,665 $7,160 $2,000 $‐ Q1 ‐ 2018 Q2 ‐ 2018 Q3 ‐ 2018 Q4 ‐ 2018 Q1‐201
Slide 10: Financial Performance Q1-2018 through Q4-2019
FINANCIAL PERFORMANCE Q1‐2018 THROUGH Q4‐2019 ADJUSTED EBITDA(1) TCE (2) 20,000,000 $18,000 18,000,000 $16,000 16,000,000 $14,000 14,000,000 $12,000 12,000,000 $10,000 10,000,000 $8,000 8,000,000 $6,000 6,000,000 4,000,000 $4,000 2,000,000 $2,000 ‐ $‐ Q1‐18 Q2‐18 Q3‐18 Q4‐18 Q1‐19 Q2‐19 Q3‐19 Q4‐19
Slide 11: Adjusted Earnings per Common Share
ADJUSTED EARNINGS PER COMMON SHARE Adjusted EPS total of $0.42 for 2019 Historical Adjusted EPS (1) 0.25 $0.43 $0.52 $0.42 0.20 0.20 0.18 0.18 0.15 0.14 0.10 0.11 0.10 0.10 0.10 0.09 0.09 0.05 0.05 0.03 ‐ Q1‐17 Q2‐17 Q3‐17 Q4‐17 Q1‐18 Q2‐18 Q3‐18 Q4‐18 Q1‐19 Q2‐19 Q3‐19 Q4‐19 (1) Adjusted earnings p
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